DBC vs SPY
Invesco DB Commodity Index Tracking Fund vs State Street SPDR S&P 500 ETF Trust
Which is better, DBC or SPY?
Commodities against Large Cap Blend.
SPY has a lower expense ratio. DBC led over 1Y and 5Y, SPY over 3Y and the full window.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | DBC | SPY |
|---|---|---|
| Expense Ratio | 0.84% | 0.09%Best |
| AUM | $1.9B | $804.7B |
| Dividend Yield | 2.38% | 0.98% |
| Holdings | 62 | 505 |
| YTD Return | +47.07%Best | +12.09% |
| 1Y Return | +51.69%Best | +16.29% |
| 3Y Return (annualized) | +13.79% | +21.20%Best |
| 5Y Return (annualized) | +14.45%Best | +13.37% |
| Volatility (annualized) | 18.7% | 15.2%Best |
| Max Drawdown | -76.4% | -56.5%Best |
| $10,000 over 5 years | $19,637Best | $18,728 |
| Fund Family | Invesco (US) | State Street Investment Management |
| Category | Commodity | Equity |
| Style | Commodities | Large Cap Blend |
| Inception | Feb 3, 2006 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Feb 3, 2006 to Sep 18, 2026 (20.6 years).
DBC vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view covers the 20.6 years both funds cover.
DBC vs SPY Performance
Invesco DB Commodity Index Tracking Fund (DBC) is an ETF from Invesco (US) and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year DBC returned +51.69% while SPY returned +16.29%. Year to date, DBC is up 47.07% versus a gain of 12.09% for SPY.
Over three years, DBC compounded at +13.79% per year against +21.20% for SPY; over five years the annualized figures are +14.45% and +13.37% respectively. Across the full 21-year window we track, SPY has the edge at +9.50% annualized vs +2.60%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
DBC has been the more volatile fund, with annualized monthly volatility of 18.7% compared with 15.2% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -76.4% for DBC and -56.5% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at 0.44. They move together some of the time, and apart the rest.
Fees and Cost Over Time
DBC charges 0.84% per year while SPY charges 0.09%. On a $10,000 position that is $84 vs $9 annually, a gap of $75 per year that compounds over a long holding period. On income, DBC currently yields 2.38% against 0.98% for SPY.
Holdings Overlap
We hold position weights for 2 holdings in DBC and 504 in SPY, totalling 98.8% and 99.9% of the two funds. The two books name no position in common, so there is no overlap percentage to show.
0 positions in common, counted across the 2 positions we hold weights for in DBC and 504 in SPY, against full books of 62 and 505.
You are not choosing between two funds in isolation.
Whichever of DBC and SPY you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, DBC or SPY?
DBC has an expense ratio of 0.84% while SPY charges 0.09%. SPY is the cheaper option, by $75 a year on a $10,000 investment.
Which performed better, DBC or SPY?
Over the past year DBC returned +51.69% vs +16.29% for SPY, so DBC leads on 1-year performance. Over the longest common window we track (21 years), DBC annualized +2.60% vs +9.50% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, DBC or SPY?
DBC has been the more volatile fund at 18.7% annualized versus 15.2% for SPY. Worst drawdown: DBC -76.4% vs SPY -56.5%.
Should I hold both DBC and SPY?
DBC and SPY have a monthly-return correlation of 0.44, so their returns are far enough apart for the mix to behave differently from either one alone. This is information, not a recommendation.
Which pays a higher dividend, DBC or SPY?
DBC yields 2.38% while SPY yields 0.98%, so DBC currently pays the higher dividend yield.
Is SPY better than DBC?
SPY has a lower expense ratio. DBC led over 1Y and 5Y, SPY over 3Y and the full window. Which one suits a particular account depends on what it is for. This is information, not a recommendation.